Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Wednesday June 11.
Peruvian Wildcat: BPZ Energy (BZP)
Cramer ventured to Peru for his next wildcat energy play and found BPZ, a driller which is radically increasing production and tapping new resources. The company expects to increase its output of 500 barrels a day to 8,000 by the year's end, and is drilling in new locations. BPZ also has 110 million barrels of reserves and is expanding into natural gas. Cramer is not worried about the government seizing BPZ's assets or reserves, because the Peruvian leadership is a "friend of capitalists." With oil prices sky high and BPZ producing more oil, Cramer says the company "might as well be pumping money out of the ground."
Special Guest: Rep. John Peterson (R. Penn)
Cramer was surprised to hear that Rep. John Peterson's proposal to extend offshore drilling from 50 miles to 200 miles off the coast was defeated. The bill has the potential to unlock 8.5 billion barrels of oil and 29 trillion cubic feet of natural gas, not including yet-undiscovered resources. With the country 67% dependent of foreign fuel, Representative Peterson thinks the U.S. can ill afford to resist such a bill, which would not interfere with the development of alternative energy. In addition, the U.S. no longer has a needed 8 to 10 million barrels stored for emergencies. Although the bill was defeated by the Subcommittee on the Interior and the Environment, it has another chance with the Appropriations Committee and the floor of the House. Cramer urged viewers to write their elected official in support of the bill.
Mad Mail: Ingersoll-Rand (NYSE:IR) Cramer told one viewer that he is not concerned about Ingersoll-Rand after its CFO left the company last week.
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